Vodafone 2002 Annual Report Download - page 8

Download and view the complete annual report

Please find page 8 of the 2002 Vodafone annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 156

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156

customers. Our major operators will offer 3G this
year but we will not promote 3G specifically. Our
marketing will be based around services rather than
GPRS or 3G technology.
The new data applications we are bringing to market
this year are designed to work on both GPRS and
3G. Access to our services from our GPRS networks
will further lift data as a percentage of revenues
progressively throughout the year. 3G’s greater
capacity, efficient spectrum management and faster
data rates will ensure an enhanced service
experience for our customers.
We now expect data to reach 20% of service
revenues in 2004, rather than by March of that year.
This later date arises both because voice revenue
has done better than we originally envisaged and
through delays in the availability of applications and
terminals for GPRS, which we expect to be resolved
by the half-year.
Chief Executive’s Statement continued
With regard to acquisitions, we remain prepared to
increase our shareholding in operations where we
have an existing presence, should the opportunity
arise. Given the strength of our balance sheet and
debt position, if these opportunities occur they are
likely to be satisfied by cash.
As our results have demonstrated, mobile
telecommunications has a very strong track record
as a growth market and Vodafone, as the leading
global operator, has executed both operationally and
financially to a higher level than its international peers.
We have no doubt in the continued growth potential
of the business, which is why we have not impaired
the carrying value of our controlled mobile assets.
We expect good progress to be made in the year
ahead as European customers start to enjoy some
of the new services and terminals already so popular
in Japan. In our view these new services will
transform people’s lives. It is not a question of ‘if’ this
will happen, merely ‘when’. The year we are now
in will see many exciting new developments, which
will sustain the long term growth of Vodafone for
years to come.
Sir Christopher Gent
Chief Executive
Vodafone Group Plc Annual Report & Accounts and Form 20-F Chief Executive’s Statement6